Question

Hailey opener a savings account with $6000. The account earns 5.75% simple annual interest annually. After how many years will the balance of the account be $9500? Round your answer to the nearest tenth if necessary.

Answer 1

It will take approximately 10.1 years for the balance of the account to reach $9500.

Step-by-step explanation:

To find the number of years it will take for the balance of the account to be $9500, we can use the formula for simple interest. We know that Hailey opened the account with $6000 and the account earns 5.75% simple annual interest. Let's represent the number of years as 'n'.

The formula for simple interest is: Interest = Principal x Rate x Time

Plugging in the given values, we have: (9500 - 6000) = (6000 x 0.0575 x n)

Simplifying the equation, we get: 3500 = 345n

Dividing both sides by 345, we get: n = 10.14

Rounding to the nearest tenth, it will take approximately 10.1 years for the balance of the account to reach $9500.

Answer 2

around 28 years because if you do 6,000 times 5.75% then times that by 28 then you end up with 9,660 if you do 6,000 times 5.75% then times that by 27 you get 9,315 and i belive that would be too litle to round to the nearest tenth